Procurement Process: 7 Crucial Steps

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📚 This video is part of our Junior Procurement Management Course:

📈 Ready to Transform Your Procurement Process? Today, we are going to break down the 7 essential steps to perfecting your procurement strategy and why they matter. Dive into the sourcing methodology and learn how to:

➡️ Determine Your Sourcing Strategy: Align with organizational policies and conduct thorough analyses.
➡️ Conduct Market Research: Find the right suppliers and manage risks effectively.
➡️ Specify Requirements: Clearly outline needs to streamline supplier selection.
➡️ Select a Supplier: Evaluate proposals, build relationships, and choose the best fit.
➡️ Negotiate Terms: Master the art of negotiation to secure optimal agreements.
➡️ Contract Effectively: Turn agreements into formal contracts for clear, enforceable terms.
➡️ Manage Supplier Relationships: Build strong, ongoing partnerships for long-term success.

🕒 Timestamps:
0:00 Introduction
0:57 Step 1: Determine Sourcing Strategy
1:32 Step 2: Conduct Market Research
2:27 Step 3: Specify Requirements
3:46 Step 4: Select a Supplier
5:00 Step 5: Negotiate Terms
5:58 Step 6: Contract Effectively
6:48 Step 7: Manage Supplier Relationships
7:44 Conclusion

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